BTCUSD - Still going down but Possible Reversal in sightHello dear fellow analysts.
I tried to make a self explanatory chart but i'll highlight few important things:
1) well, obviously we are in a huge down-trending channel (Red).
2) we are waving inside this channel and we already completed wave 1, 2 and 3.
3) by the formation of these waves we can assume we have a Wolfe Wave pattern emerging. which is a very good sign of a Trend Reversal.
4) wave 2 and 4 are always correction waves and move against the main parent channel. so we have two small channels (Green) which contain the correction waves. the reversal won't happen until 5th wave emerges completely.
5) Wave-trend Oscillator indicates a crossover might happen. this will make me more confident about the completion of wave 4.
6) i will wait until wave 4 is done, then MAYBE I open a short position. but if wave 5 emerges and hit the target i will DEFINITELY open a long position.
but for now, let's see what happens.
Thank You.
